Comprehensive Insurance: Factors That Drive Sales

Comprehensive car insurance is an integral part of auto insurance. While not required by every state, people view comprehensive coverage as an absolute necessity. So, how can an insurance agent stand out when selling a policy that already has a high demand? 

Defining Comprehensive Insurance 

Comprehensive insurance covers your vehicle for a selected number of situations. It covers incidents such as damages from vandalism, riot, theft, falling object, or fire. Furthermore, it also extends to damage from a natural disaster or hitting an animal. But few circumstances require a different kind of insurance. For example, damage from an accident between two cars demands collision insurance. 

Selling Points of Comprehensive Coverage

Selling point #1 

Lenders demand comprehensive and collision insurance for vehicle leasing. Thus, they can be a great source of lead generation for insurance agents. They can sell two different policies at the same time.  

Selling point #2 

People have a misconception that comprehensive car insurance is always more expensive than third party insurance. But this is not always true. There are instances when the case might be reversed. You can analyze the different policies offered to find such offers. 

One example of such instances can be high-risk motorists. Top risk drivers have a higher number of claims. This rise in demand can cause prices to rise. 

As comprehensive insurance is better than third party insurance, agents can pitch it to the clients. Agents can earn the trust of the clients by providing better coverage at a similar price.

 

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 Selling point #3 

While uncommon, some carriers provide additional benefits for the same coverage. For example, they provide you with a vehicle when yours is under repair. Such a benefit is called a courtesy car. Furthermore, some carriers even offer coverages for breakdown as a bonus. Agents can look for such policies when selling policies to a hard-to-convert customer. 

Selling point #4 

Real-life examples can help people realize the costs of damages. People often ask for minimum coverages. But when it’s time to make a claim, the minimum insurance will cover just a small portion of the total cost. The rest of the money will come out of the insured’s pocket. If you can communicate with the clients, then selling insurance will be easy. 

What You Should Communicate with Your Clients

  • Comprehensive coverage is directly proportional to the car valuation. Customers need to know the reason behind reduced coverage- owner vehicle depreciation. That way, they will not raise any questions later.
  • The coverages come with deductibles.
  • You’re providing the best deals as per the client’s requirement.

So, agents need to build network with lenders. That way, they can sell both comprehensive and collision insurance at the same time. As for deciding the amount of coverage, you can disperse policies with respect to the amount of risk associated with the driver.

Also, you can compare between carriers to find out which one provides the best deals. And finally, you can leverage real-life examples to get people to take policies that can prepare them for any mishaps.

Do you think Comprehensive Insurance is something worth looking at? Let us know in the comments below!

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Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!